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It’s been exactly 3 days since the filing due date for most income tax returns (Most tax returns because for the self-employed, they have until June 15th but … more on that later). And if you have not filed your income tax return for the 2017 tax year, you could be in trouble of piling on more tax debt (if you owe taxes) as the CRA will charge a late-filing penalty. Yes, there is a late-filing penalty if you fail to file a return on time and owe tax for 2017. The penalty is 5% of your 2017 balance owing, plus...
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Here are some tips to avoid interest and penalties during tax season.  Pay any balance owing on time. If you have balance owing for 2015, the CRA charges compound daily interest starting May 1, 2016 on any unpaid amounts owing for 2015 including any balance owing when your return is reassessed.  The CRA will also charge you interest on the penalties starting the day after your tax return is due. If you have amounts owing from previous tax years, the CRA will continue to charge compound daily interest on those amounts as well.  Note that payments you make are first applied...
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 Alright here we go again. ITS STORY TIME! You just have to know that when I start off a blog like that it can’t be good. And you would be correct. As the title suggests (ok it is pretty blunt) you don’t want to just send money to the CRA. Don’t get me wrong, they want your money, but they want tax returns filed so they know exactly how much you owe. Sending them money will NOT stop them from wanting tax returns. In fact sending them money without filing can prove to be even more costly, as the CRA starts...
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It is important to always file your tax return on time, even if you cant afford to pay the taxes you owe to avoid any late-filing penalties.  After you file your tax return, CRA will send to you an assessment notice which will show the amount of taxes you owe.  After the payment deadline, interest will be charged on the balance.  Visit the CRA website for the prescribed interest rates -- http://www.cra-arc.gc.ca/tx/fq/ntrst_rts/menu-eng.html.  It is important to contact the CRA to set up a payment schedule for the taxes you owe....
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